Reps probe $1.56 NNPC loan

The Speaker, House of Representatives, Hon. Aminu Waziri Tambuwal Monday said that the proposed $1.56 loan by the Nigeria National Petroleum Corporation, NNPC was not reflected in the 2013 budget that was presented to the National Assembly.

He also observed that it was omitted from the Medium Term Expenditure Framework.

From left, Group Managing Director of NNPC, EngineerAndrew Yakubu and Minister of Petroleum Resources, Mrs. DiezaniAlison Maduekwe, during the public hearing.Photo by Gbemiga Olamikan.

However, the Minister of Petroleum Resources, Mrs Dieziani Allison-Madueke and Group Managing Director, GMD, NNPC, Andrew Yakubu in separate statements before the House Joint Committee on Petroleum Resources (Upstream and Downstream), Aids, Loans and Debt Management and Justice claimed that the money in question was not a loan but a forward sales agreement between the Corporation and its trading partners in lieu of the Corporation’ s indebtedness to them.

Tambuwal made the statement while declaring open the public hearing on the said loan by the House Joint Committee.

Said he: “The public hearing was in line with the resolve of the 7th House to deliver the dividends of democracy to Nigerians and also ensure the entrenchment of a policy that the citizenry could be proud of.”

While encouraging the Joint Investigative Committee to do a thorough work on the matter, Tambuwal , who was represented by the Chief Whip of the House, Hon. Ishiaka Bawa, expressed optimism that the findings and recommendations of the panel would tremendously influence the direction and decisions of the Parliament.